Business
Duran Signs Letter of Intent for the Sale of the Don Pancho Property in Peru; Provides Update on Aguila Norte Processing Plant
TORONTO, ONTARIO--(Marketwired - Feb. 22, 2017) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that it has e
About this update from Peruvian Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Feb. 22, 2017) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) (\"Duran\" or the \"Company\") is pleased to announce that it has entered into a letter of intent (\"LOI\") to sell the Company's Don Pancho polymetallic silver-lead-zinc project (\"Don Pancho\" or the \"Project\") located in the Department of Lima, Peru, to Tartisan Resources Corp. (\"Tartisan\") for cash consideration of $50,000 CDN and 500,000 shares of Tartisan. Duran will also receive an additional 500,000 shares of Tartisan as certain Project milestones are achieved by Tartisan, and will retain a 2% Net Smelter Royalty (\"NSR\") in the Project of which 1% can be purchased by Tartisan for $500,000 CDN. The parties intend to replace the LOI with a definitive agreement (the \"Definitive Agreement\") containing industry standard terms and conditions no later than March 31, 2017, following a due diligence review by both parties. The Don Pancho project is located in a prolific polymetallic mineral belt in Central Peru. Trevali Mining Corporation's Santander Silver-Lead-Zinc mine is located 9 kilometers to the east of the Project. The World Class Iscaycruz and Yauliyacu Polymetallic Mines operated by Glencore-Xstrata plc are located 50 kilometres to the north-northwest of the Project. Buenaventura's Silver-Lead-Zinc Uchucchacua Mine is located 63 kilometres north of the Project. The Don Pancho project was optioned to a third party in 2012 and returned 100% to Duran in late 2014 after completing six holes totaling 2,021 metres of diamond drilling. New geological information and modeling suggests that a different drilling direction is warranted, which should greatly enhance the Project's potential. The Project was well managed with regards to an extensive database and leaving a good relationship with the local community. The Company is pleased to enter into this transaction with Tartisan, which follows Duran's business model as a \"Cash and Project Generator\". The Company will continue to benefit from successful exploration and development on Don Pancho by Tartisan. Jeffrey Reeder, CEO of Duran, states \"We are pleased to enter into this LOI with Tartisan for the sale of our Don Pancho project. Tartisan is well established in Peru and is in a position to advance this Project, allowing Duran to continue to benefit in the success of Don ...